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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Gary who wrote (294)	12/21/1997 2:21:00 PM
From: Colin Cody	Read Replies (2) \| Respond to of 5810

Gary, I recall "talk" right after the bill was passed, that the "loophole" you mentioned -- of doing a non-deductible IRA and rolling -- would be closed... I don't know if there has been any developments to stop it. . Penalties? I wonder what might happen if in say 2 or 3 years a taxpayer is AUDITED, and the result is he now exceeds the $100,000 limit. ???? . Could be a very dangerous move to make... Except for those LOWER income people... and of course THEY can't AFFORD to roll into a ROTH -- due to the taxes due over the following four years! (g) . Well, I hope to see some further guideance, and maybe some "safe havens" to assist taxpayers in making their rollover decision to ROTH or not to ROTH... . Colin